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MARKET UPDATE MARCH 2017

Attached Home Sales Thrive as Overall Inventory Remains Scarce for March

Market Update: Propelled by significant activity in attached categories, March housing sales in the Fraser Valley reached their second highest point in ten years, trailing only last year’s extraordinary market levels.

The Fraser Valley Real Estate Board processed 2,213 sales of all property types on its Multiple Listing Service® (MLS®) in March, a decrease of 26.4 per cent compared to the 3,006 sales in March of last year, and a 58.5 per cent increase compared to the 1,396 sales in February 2017.

Of the 2,213 sales processed last month, 526 were townhouses and 638 were apartments, representing over half of the region’s total sales of all property types for the seventh straight month.

“Inventory levels aren’t where we’d like them to be, especially with demand picking up as we move deeper into the spring season," said Gopal Sahota, Board President. “However, that being said, it’s great to see more buyers turning to our bourgeoning apartment and townhome markets and taking some of the pressure off of detached homes.”

Single Family DetachedAt $869,000, the Benchmark price for a single family detached home in the Valley increased 1.1 per cent compared to February 2017, and increased 17.3 per cent compared to March 2016.

TownhomesAt $432,100 the Benchmark price for a townhome in the Fraser Valley increased 2.3 per cent compared to February 2017, and increased 25.5 per cent compared to March 2016.

ApartmentsAt $276,900, the Benchmark price for apartments/condos in the Fraser Valley increased 3.7 per cent compared to February 2017, and increased 27.5 per cent compared to March 2016.

Foreign Buyer TaxThe government has recently released clarification around the Foreign Buyer Tax and exemptions for foreign buyers. Foreign buyers who receive confirmation under the B.C. Provincial Nominee Program will be exempt from the Foreign Buyer Tax.

To qualify, the buyer must be a confirmed B.C. Provincial Nominee before the title of the property transfers. The property must also be used as a principal residence. In addition, the exemption being offered may only be claimed once. Additional tax will be payable on additional properties.

The government has provided exemption qualification for foreign buyers who have paid the Foreign Buyer Tax between August 1, 2016 and March 17, 2017 and are subsequently confirmed as a B.C. Provincial Nominee, or becomes a permanent resident or Canadian citizen within 1 year of the transfer date.

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